The purpose of this study was to examine the role of multidimensional consumer values in the relationship between team identification, purchase attitude, and purchase intention in the team-licensed merchandise context. The study also tested the moderating effects of product category (utilitarian/hedonic) and performance priming (positive/negative). Fans of two college sport teams (N = 203) participated in the study. Both multidimensional consumer values (i.e., functional, emotional, and social) and team identification were shown to influence purchase attitude. In turn, the attitude toward team-licensed merchandise had a direct significant impact on purchase intention. Product category moderated the relationship between team identification and consumer values as well as the relationship between team identification and purchase attitude. More specifically, the relationship between team identification and perceived consumer values was significantly strong for hedonic products, while the impact of team identification on attitudes toward sportlicensed merchandise was significantly pronounced for utilitarian products.